2 Abu Dhabi banks to merge into largest Gulf Arab bank
DUBAI, United Arab Emirates — Stockholders at two Abu Dhabi banks approved a plan Wednesday to merge the firms into the biggest bank of all Gulf Arab countries with assets of $178 billion amid a regional economic slump.
Shareholders at the National Bank of Abu Dhabi and First Gulf Bank approved the tie-up at two separate meetings, a move first publicly discussed by the two financial firms in June.
Under terms of the deal, the combined company will be known as NBAD.